Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 0.5% in the March quarter 2010. December quarter 2009 growth was revised to 1.1%, from an initially published 0.9%. Growth through the year to March quarter 2010 was 2.7%.

Growth in the expenditure measure of GDP was driven by an 11.6% increase in public investment and a 0.6% increase in household expenditure. Offsetting these increases was a fall in private investment (down 0.6%) and in net exports. The fall in net exports was due to an increase in imports (up 1.8%) while exports fell (down 0.5%).

The industries that provided the main contribution to growth in the production measure of GDP in the March quarter were Finance and insurance services with a 2.4% increase in seasonally adjusted volume terms and Transport, postal and warehousing with a 3.5% increase in seasonally adjusted volume terms.

Further details can be found in Australian National Accounts: National Income, expenditure and Product (cat. no. 5206.0) available for free download on the ABS website at www.abs.gov.au

Media Note: When reporting ABS data the Australian Bureau of Statistics (or ABS) must be attributed as the source